Shopping for men is always hard as there is not much variety as compared to women's attire and jewellery, and the options are most of the time costly. It often becomes hard to shop during offers or discount sales as you don't have enough lump sum amount with you and miss out on good opportunities. It has been noted that if a man buys most of their shopping list during the offer period, then they could save a huge amount at the end of the year.
This is where Buy Now Pay Later service comes in handy. With BNPL, men can buy anything they want at any time and then don't have to pay any interest on the borrowed amount if they can pay it back on time.
It has been noted that many people lost their jobs during the covid wave and wanted some kind of flexible payment options that would help them to satisfy their shopping requirements and an easy repayment scheme, both provided by Buy Now Pay Later service. BNPL has grown more than 30% from 2019 to 2021 and is expected to take a large market share for financial transactions in the coming years.
How does BNPL provide ease of shopping for men?
Most of us know that men's attire is much costlier, and even their day-to-day things like electronic gadgets are a bit costly to afford in one go for many people. Earlier, people used to afford these things by using credit cards; however, many of people found the interest rate too high on the borrowed amount, and people started migrating to Buy Now Pay Later service.
Many of the businesses also found that with Buy Now Pay Later service, their customer acquisition costs got lower, and there was an increase in order value per customer by 20% to 30% in a short span of time. This has made businesses quite profitable, and they are giving out more offers to customers who use Buy Now Pay Later service as a payment option while shopping.
People won't have to wait for their salary to be credited or wait for the next offer season with Buy Now Pay Later service. Many people have stated that this service, if used with proper planning, will help save good money in the long run as no interest fee is applied.
Some of the reasons why Buy Now Pay Later service is attracting people to shopping.
- Zero Interest fee – This is the primary reason why most of the young and now even older generations are switching to Buy Now Pay Later service. Customers need not pay a single interest rate on the principal borrowed amount if they can pay it back on time. If a customer is not able to pay back on time, then an interest fee is charged, which is pre-decided between the vendor and customer at the time of availing this service.
- Easy Approval Process – The approval process for a personal loan or a credit card takes around a week and sometime more. The money disbursement also takes time to reflect in the customer's account. With Buy Now Pay Later service, the approval process is quite easy as all a customer needs is their KYC done at the bank and should be 18 years or above. If the documents uploaded by the customer are satisfactory, then the loan can be approved in a few hours as well.
- No Credit History - Buy Now Pay Later service vendors do not check for the credit history of their customers. This helps the Gen Z people as they have just started their career and their credit score is not that high. While offering personal loans, credit card companies and banks first check this as a basic requirement. Apart from this, many BNPL vendors do not share their data with credit bureaus. Thus, taking multiple small loans through the vendor won't reflect in your credit score. Some of the vendors do share the data; however the customer is informed at the start, and they can opt out of this service as well.
Buy Now Pay Later service will definitely stay here for a long time as their service is quite attractive, and with more young people entering the market, they are prone to accept this as a payment system than credit cards. This is the best time to get Buy Now Pay Later service as the offers given out by businesses are quite good, and the amount of money that can be saved is endless.
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